Eastern Echo to Build Four 10-Streamer Seismic Vessels

Eastern Echo Holding PLC signed on May 31, 2007 the Transaction Agreements for the implementation of the structured finance for the construction of four seismic research vessels type X-Bow SX 124 designed by Ulstein Design and being built at Hijos de J. Barreras, S.A. in Vigo, Spain.

The Transaction Agreement was signed by:

Eastern Echo Holding PLC (Eastern Echo)
The Eastern Echo Cyprus SPC's
Hijos de J. Barreras, S.A. (Ship Builder)
The Yards respective SPC's
HSBC Bank plc

The Steel Cutting ceremony for the first two vessels took place during the same afternoon in the presence of the Classification Society Det Norske Veritas. This signaled the inauguration of the building phase of the four vessels in block.

Eastern Echo is a cutting edge marine geophysical company specializing in high-end towed streamer acquisition. The company's strategy is to be the safest, most efficient and innovative seismic operators in the market sector and through this become the client's natural choice.

We are initially releasing four revolutionary 10-streamer 3D vessels. As a clean strategy company we are dedicated to the health and safety of our people and the environment. Our vessels feature Ulstein X-Bow design, diesel electric, dynamic positioning and clean class notation for the smoothest, safest and cleanest sea travel known to man.